system development, sovereign debt vulnerabilities, and ways to sustain progress in reducing inflation by strengthening the …

Consecutive years of primary deficits have led to mounting public debt of almost 50% of GDP, one of the fastest … increases in spending. As a consequence, sovereign debt ratings have declined to below investment level, and the negative … outlook on Costa Rica’s debt signals increasing financing costs. Against this backdrop, the risk of a fiscal crisis is …

This paper incorporates the notion of public capital in a Blanchard OLG model to study the effects of debt …-financed public investments on growth and welfare in the long-run. The simple analytic result is that public debt can enhance both … only does debt improve efficiency by raising the returns to private investment when equilibrium is inefficient, it also …

program was developed as a response to the looming fiscal crisis, which resulted in large fiscal deficits and debts similar to … the global crisis. The program is approved to support fiscal adjustment, debt restructuring, reduction of arrears, and …

been delays in implementing structural reforms. Performance criterion on nonconcessional debt was breached in April 2009 …